8-K - CLST - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)	October 26, 2023

Catalyst Bancorp, Inc.

(Exact name of registrant as specified in its charter)


Louisiana	001-40893	86-2411762
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


235 N. Court Street, Opelousas, Louisiana	70570
(Address of principal executive offices)	(Zip Code)


Registrant’s telephone number, including area code	(337) 948-3033

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br><br>

Securities registered pursuant to Section 12(b) of the Act:


Title of each Class	Trading<br>Symbol(s)	Name of each exchange on which registered
Common Stock	CLST	Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 Results of Operations and Financial Condition

On October 26, 2023, the Registrant announced its results of operations for the quarter ended September 30, 2023. A copy of the related press release (the "Press Release") is attached as Exhibit 99.1 to this Current Report on Form 8-K. The Press Release attached hereto is being furnished to the SEC and shall not be deemed "filed" for any purpose except as otherwise provided herein.

ITEM 9.01 Financial Statements and Exhibits

(a)****Not applicable.

(b)****Not applicable.

(c)****Not applicable.

(d)****Exhibits

The following exhibits are included herein:


Exhibit Number		Description
99.1		Press Release, dated October 26, 2023
104		Cover Page Interactive Data File. Embedded within the Inline XBRL document.

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		CATALYST BANCORP, INC.

Date:	October 26, 2023	By:	/s/ Joseph B. Zanco
			Joseph B. Zanco
			President and Chief Executive Officer

For Immediate Release

Exhibit 99.1

For more information:

Joe Zanco, President and CEO

(337) 948-3033

For Immediate Release

Release Date: October 26, 2023

Catalyst Bancorp, Inc. Announces 2023 Third Quarter Results

Opelousas, Louisiana – Catalyst Bancorp, Inc. (Nasdaq: “CLST”) (the “Company”), the parent company for Catalyst Bank (the “Bank”) (www.catalystbank.com), reported financial results for the third quarter of 2023. For the quarter, the Company reported net income of $170,000, up $131,000, compared to net income of $39,000 for the second quarter of 2023.

“We grew our loan portfolio during the quarter by helping local businesses grow,” said Joe Zanco, President and Chief Executive Officer of the Company and the Bank. “Although deposit competition remains tough, more and more people in our community are coming to understand how keeping their deposits in local banks helps our economy expand.”

Capital and Share Repurchases

The Bank maintains an exceptional capital position with a total risk-based capital ratio of 56.23% and 57.27% at September 30, 2023 and June 30, 2023, respectively. At September 30, 2023 and June 30, 2023, consolidated shareholders’ equity totaled $82.2 million, or 31.9% of total assets, and $84.3 million, or 31.7% of total assets, respectively.

On April 27, 2023, the Company announced its second share repurchase plan (the “April 2023 Repurchase Plan”). Under the April 2023 Repurchase Plan, the Company may purchase up to 252,000 shares, or approximately 5% of the Company’s outstanding shares of common stock. During the third quarter of 2023, the Company repurchased 81,252 shares of its common stock at an average cost per share of $12.33. At September 30, 2023, 75,290 shares were available for repurchase under the April 2023 Repurchase Plan.

Loans

Loans totaled $135.7 million at September 30, 2023, up $2.2 million, or 2%, from June 30, 2023. The increase in total loans during the third quarter of 2023 was primarily due to growth in commercial and industrial and construction loans, which was partially offset by net declines in one- to four-family residential real estate loans. The increase in commercial and industrial loans was largely driven by equipment loans. Construction and land loan growth was mainly due to residential construction loans.

The following table sets forth the composition of the Company’s loan portfolio as of the dates indicated.


(Dollars in thousands)	9/30/2023		6/30/2023		Increase (Decrease)
Real estate loans
One- to four-family residential	$	83,973	$	85,655	$	(1,682)	(2)	%
Commercial real estate		19,113		19,175		(62)	-
Construction and land		6,622		4,620		2,002	43
Multi-family residential		3,424		3,094		330	11
Total real estate loans		113,132		112,544		588	1
Other loans
Commercial and industrial		19,634		17,609		2,025	11
Consumer		2,906		3,340		(434)	(13)
Total other loans		22,540		20,949		1,591	8
Total loans	$	135,672	$	133,493	$	2,179	2	%

The majority of the Company’s loan portfolio consists of real estate loans secured by properties in our local market area, the Acadiana region of south Louisiana. Loans secured by one- to four-family residential properties accounted for 62% of total loans and commercial real estate loans accounted for 14% of total loans at September 30, 2023. Approximately 64% of our real estate loans have adjustable rates and, of our total real estate loans, approximately $54.7 million, or 48%, are scheduled to re-price or mature during the next 12 months.

Our non-real estate loans primarily consist of commercial and industrial loans, which amounted to 14% of total loans, at September 30, 2023. This segment of the portfolio largely consists of loans to local businesses involved in industrial manufacturing and equipment, communications, and professional services. Approximately 34% of our commercial and industrial loans have adjustable rates and, of total commercial and industrial loans, approximately $9.1 million, or 47% are scheduled to re-price or mature during the next 12 months.

Credit Quality and Allowance for Credit Losses

At September 30 and June 30, 2023, non-performing assets (“NPAs”) totaled $2.1 million and $2.2 million, respectively, and the ratio of NPAs to total assets was 0.82% at such dates. Non-performing loans (“NPLs”) totaled $2.1 million, or 1.54% of total loans, at September 30, 2023 and $1.9 million, or 1.42% of total loans, at June 30, 2023. At September 30, 2023 and June 30, 2023, over 94% of total NPLs were one- to four-family residential mortgage loans.

At September 30, 2023 the allowance for loan losses totaled $2.0 million, or 1.50% of total loans, compared to $2.1 million at June 30, 2023, or 1.56% of total loans. During the third quarter of 2023, $62,000 of the allowance for loan losses was reallocated to the allowance for credit losses on unfunded commitments due to an increase in unfunded commercial lending commitments.

Net loan recoveries totaled $17,000 during the third quarter of 2023, compared to net recoveries of $13,000 for the second quarter of 2023. The total provision for credit losses on loans and unfunded commitments was zero for the third quarter and the first nine months of 2023.

Investment Securities

Total investment securities were $85.3 million, or 33% of total assets, at September 30, 2023. Our investment securities portfolio consists primarily of government-sponsored mortgage-backed securities and debt obligations issued by the U.S. government and government agencies. The Company has not purchased investment securities since the fourth quarter of 2022. We have also not sold or reclassified securities since the Federal Reserve Board began raising interest rates in March 2022.

At September 30, 2023, 86% of total investment securities, based on amortized cost, were classified as available-for-sale. Net unrealized losses on securities available-for-sale totaled $12.8 million at September 30, 2023, compared to $10.9 million at June 30, 2023. The increase in unrealized losses principally relates to further increases in market interest rates for similar securities during the third quarter of 2023.

The following table summarizes the amortized cost and fair value of our investment securities portfolio as of September 30, 2023.


	****	September 30, 2023
(Dollars in thousands)		Amortized Cost		****	Gross Unrealized Gains		****	Gross Unrealized Losses		****	Fair Value
Securities available-for-sale
Mortgage-backed securities		$	67,604		$	-		$	(11,181)		$	56,423
U.S. Government and agency obligations			10,985			-			(949)			10,036
Municipal obligations			6,014			-			(665)			5,349
Total available-for-sale		$	84,603		$	-		$	(12,795)		$	71,808
Securities held-to-maturity
U.S. Government and agency obligations		$	13,004		$	-		$	(2,846)		$	10,158
Municipal obligations			460			-			(45)			415
Total held-to-maturity		$	13,464		$	-		$	(2,891)		$	10,573

Deposits and Liquidity

Total deposits were $165.2 million at September 30, 2023, down $6.2 million, or 4%, from June 30, 2023. Average deposits totaled $170.6 million during the third quarter of 2023, down $1.9 million, or 1%, compared to the second quarter of 2023. The decrease in total deposits during the third quarter of 2023 was largely due to declines in non-interest-bearing public funds and large commercial deposits.

During the first quarter of 2023, the Company gained $6.9 million in non-interest-bearing public funds, which were granted to an existing customer for a designated project. During the third quarter 2023, the project commenced and $4.1 million of the designated funds were disbursed. Overall, our public funds consist primarily of non-interest-bearing and interest-bearing demand deposits from municipalities within our market. At September 30, 2023, total public fund deposits amounted to $26.4 million, or 16% of total deposits, compared to $24.7 million, or 14% of total deposits, at June 30, 2023.

Our total uninsured deposits (that is deposits in excess of the FDIC’s insurance limit), inclusive of public funds, were approximately $45.2 million at September 30, 2023 and $50.2 million at June 30, 2023. Total uninsured non-public funds deposits were approximately $23.9 million and $30.5 million at September 30 and June 30, 2023, respectively. The full amount of our public fund deposits in excess of the FDIC’s insurance limit are secured by pledging investment securities. At September 30, 2023, the amortized cost and fair value of investment securities pledged to secure public fund deposits totaled $49.7 million and $41.7 million, respectively.

The following table sets forth the composition of the Bank’s deposits as of the dates indicated.


(Dollars in thousands)	9/30/2023		6/30/2023		Increase (Decrease)
Non-interest-bearing demand deposits	$	33,222	$	41,482	$	(8,260)	(20)	%
Interest-bearing demand deposits		38,881		34,159		4,722	14
Money market		15,473		18,798		(3,325)	(18)
Savings		27,237		26,927		310	1
Certificates of deposit		50,407		50,007		400	1
Total deposits	$	165,220	$	171,373	$	(6,153)	(4)	%

The ratio of the Company’s total loans to total deposits was 82% and 78% as of September 30 and June 30, 2023, respectively. In addition to our primary sources of liquidity, our secondary sources of liquidity include FHLB advances, borrowings from the Federal Reserve and a line of credit from our primary correspondent bank. At September 30, 2023, we had available capacity to borrow $48.0 million from the FHLB and $17.8 million from our primary correspondent bank. In addition, securities held by the Bank with a total par value of $35.7 million were available to pledge as collateral for borrowings from the Federal Reserve at September 30, 2023.

Net Interest Income

The net interest margin for the third quarter of 2023 was 3.13%, up 11 basis points compared to the prior quarter. The average yield on interest-earning assets increased by 23 basis points to 3.91% for the third quarter of 2023, while the average rate on interest-bearing liabilities increased by 21 basis points to 1.38%, compared to the second quarter of 2023.

Net interest income for the third quarter of 2023 was $2.0 million, up $69,000, or 4%, from the second quarter of 2023 primarily due to an increase in interest income on loans (up $161,000, or 10%) partially offset by an increase in interest expense on deposits (up $77,000, or 22%). Though demand for higher rates and competition for deposit accounts remained persistent, the rise in yield on our adjustable rate loans helped the increase in interest income outpace the increase in interest expense.

The following table sets forth, for the periods indicated, the Company’s total dollar amount of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Taxable equivalent (“TE”) yields have been calculated using a marginal tax rate of 21%. All average balances are based on daily balances.


	Three Months Ended
	9/30/2023						6/30/2023
(Dollars in thousands)	Average Balance		Interest		Average Yield/ Rate		Average Balance		Interest		Average Yield/ Rate
INTEREST-EARNING ASSETS
Loans receivable^(1)^	$	134,851	$	1,852	5.45	%	$	133,394	$	1,691	5.09	%
Investment securities^(TE)(2)^		99,373		403	1.64			101,630		413	1.65
Other interest earning assets		16,915		214	5.02			18,403		218	4.73
Total interest-earning assets^(TE)^	$	251,139	$	2,469	3.91	%	$	253,427	$	2,322	3.68	%
INTEREST-BEARING LIABILITIES
NOW, money market and savings accounts	$	83,051	$	154	0.73	%	$	83,962	$	142	0.68	%
Certificates of deposit		50,526		274	2.15			51,185		209	1.64
Total interest-bearing deposits		133,577		428	1.27			135,147		351	1.04
FHLB advances		9,306		69	2.93			9,264		68	2.94
Total interest-bearing liabilities	$	142,883	$	497	1.38	%	$	144,411	$	419	1.17	%
Net interest-earning assets	$	108,256					$	109,016
Net interest income; average interest rate spread^(TE)^			$	1,972	2.53	%			$	1,903	2.51	%
Net interest margin^(TE)(3)^					3.13	%					3.02	%

(1)	Includes non-accrual loans during the respective periods. Calculated net of deferred fees and discounts and loans in-process.
(2)	Average investment securities does not include unrealized holding gains/losses on available-for-sale securities.
---	---
(3)	Equals net interest income divided by average interest-earning assets. Taxable equivalent yields are calculated using a marginal tax rate of 21%.
---	---

Non-interest Income

Non-interest income for the third quarter of 2023 was $306,000, down $11,000, or 3%, from the second quarter of 2023 primarily due to lower debit card income.

Non-interest Expense

Non-interest expense for the third quarter of 2023 totaled $2.1 million, down $110,000, or 5%, compared to the second quarter of 2023.

Salaries and employee benefits expense totaled $1.1 million for the third quarter of 2023, down $37,000, or 3%, from the prior quarter primarily due to a decrease in employee count.

Professional fees totaled $100,000 for the third quarter of 2023, down $17,000, or 15%, from the prior quarter primarily due to a decline in legal fees and expenses.

Foreclosed assets expense totaled $2,000 for the third quarter of 2023, down $61,000 from the prior quarter. During the second quarter of 2023, the Company recorded a write-down of $62,000 on real estate held as foreclosed assets. The real estate had a carrying value of $259,000 at June 30, 2023 and the sale of the property closed in July 2023.

About Catalyst Bancorp, Inc.

Catalyst Bancorp, Inc. (Nasdaq: CLST) is a Louisiana corporation and registered bank holding company for Catalyst Bank, its wholly-owned subsidiary, with $257.9 million in assets at September 30, 2023. Catalyst Bank, formerly St. Landry Homestead Federal Savings Bank, has been in operation in the Acadiana region of south-central Louisiana for over 100 years. With a focus on fueling business and improving lives throughout the region, Catalyst Bank offers commercial and retail banking products through our six full-service branches located in Carencro, Eunice, Lafayette, Opelousas, and Port Barre. To learn more about Catalyst Bancorp and Catalyst Bank, visit www.catalystbank.com.

Forward-looking Statements

This press release contains certain forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Certain factors that could cause actual results to differ materially from expected results include changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of Catalyst Bancorp, Inc. and Catalyst Bank, and changes in the securities markets. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements to reflect changes in belief, expectations or events.


CATALYST BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

	(Unaudited)		(Unaudited)				(Unaudited)
(Dollars in thousands)	9/30/2023		6/30/2023		12/31/2022		9/30/2022
ASSETS
Non-interest-bearing cash	$	3,497	$	4,769	$	5,092	$	4,558
Interest-bearing cash and due from banks		9,769		15,022		8,380		31,639
Total cash and cash equivalents		13,266		19,791		13,472		36,197
Investment securities:
Securities available-for-sale, at fair value		71,808		75,876		79,602		78,563
Securities held-to-maturity		13,464		13,468		13,475		13,480
Loans receivable, net of unearned income		135,672		133,493		133,607		131,942
Allowance for loan losses		(2,036)		(2,081)		(1,807)		(1,804)
Loans receivable, net		133,636		131,412		131,800		130,138
Accrued interest receivable		806		707		673		566
Foreclosed assets		37		296		320		320
Premises and equipment, net		6,160		6,111		6,303		6,392
Stock in correspondent banks, at cost		1,858		1,839		1,808		1,799
Bank-owned life insurance		13,917		13,813		13,617		13,519
Other assets		2,956		2,662		2,254		2,630
TOTAL ASSETS	$	257,908	$	265,975	$	263,324	$	283,604

LIABILITIES
Deposits:
Non-interest-bearing	$	33,222	$	41,482	$	33,657	$	31,988
Interest-bearing		131,998		129,891		131,437		152,239
Total deposits		165,220		171,373		165,094		184,227
Federal Home Loan Bank advances		9,333		9,288		9,198		9,153
Other liabilities		1,147		977		558		706
TOTAL LIABILITIES		175,700		181,638		174,850		194,086

SHAREHOLDERS' EQUITY
Common stock		48		49		53		53
Additional paid-in capital		45,855		47,032		51,062		50,902
Unallocated common stock held by benefit plans		(6,274)		(6,616)		(6,307)		(4,020)
Retained earnings		52,687		52,517		52,740		52,569
Accumulated other comprehensive income (loss)		(10,108)		(8,645)		(9,074)		(9,986)
TOTAL SHAREHOLDERS' EQUITY		82,208		84,337		88,474		89,518
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	257,908	$	265,975	$	263,324	$	283,604


CATALYST BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

	Three Months Ended						Nine Months Ended
(Dollars in thousands)	9/30/2023		6/30/2023		9/30/2022		9/30/2023		9/30/2022
INTEREST INCOME
Loans receivable, including fees	$	1,852	$	1,691	$	1,466	$	5,172	$	4,584
Investment securities		403		413		381		1,243		1,062
Other		214		218		185		643		262
Total interest income		2,469		2,322		2,032		7,058		5,908
INTEREST EXPENSE
Deposits		428		351		93		1,012		272
Advances from Federal Home Loan Bank		69		68		69		205		205
Total interest expense		497		419		162		1,217		477
Net interest income		1,972		1,903		1,870		5,841		5,431
Provision for (reversal of) credit losses		-		-		(115)		-		(375)
Net interest income after provision for (reversal of) credit losses		1,972		1,903		1,985		5,841		5,806
NON-INTEREST INCOME
Service charges on deposit accounts		190		200		192		573		542
Gain (loss) on disposals and sales of fixed assets		-		-		-		-		(77)
Bank-owned life insurance		104		99		97		300		216
Federal community development grant		-		-		-		-		171
Other		12		18		7		44		20
Total non-interest income		306		317		296		917		872
NON-INTEREST EXPENSE
Salaries and employee benefits		1,141		1,178		1,168		3,522		3,647
Occupancy and equipment		198		198		203		609		640
Data processing and communication		228		220		216		675		666
Professional fees		100		117		157		346		472
Directors’ fees		116		114		75		345		185
ATM and debit card		68		61		76		187		184
Foreclosed assets, net		2		63		3		67		-
Advertising and marketing		25		22		36		77		187
Franchise and shares tax		19		25		15		71		131
Other		184		193		184		558		606
Total non-interest expense		2,081		2,191		2,133		6,457		6,718
Income (loss) before income tax expense (benefit)		197		29		148		301		(40)
Income tax expense (benefit)		27		(10)		13		19		(49)
NET INCOME	$	170	$	39	$	135	$	282	$	9

Earnings per share:
Basic	$	0.03	$	0.01	$	0.03	$	0.06	$	0.01
Diluted		0.03		0.01		0.03		0.06		0.01


CATALYST BANCORP, INC. AND SUBSIDIARY
SELECTED FINANCIAL DATA

	Three Months Ended									Nine Months Ended
(Dollars in thousands)	9/30/2023			6/30/2023			9/30/2022			9/30/2023			9/30/2022
EARNINGS DATA
Total interest income	$	2,469		$	2,322		$	2,032		$	7,058		$	5,908
Total interest expense		497			419			162			1,217			477
Net interest income		1,972			1,903			1,870			5,841			5,431
Provision for (reversal of) credit losses		-			-			(115)			-			(375)
Total non-interest income		306			317			296			917			872
Total non-interest expense		2,081			2,191			2,133			6,457			6,718
Income tax expense (benefit)		27			(10)			13			19			(49)
Net income	$	170		$	39		$	135		$	282		$	9

AVERAGE BALANCE SHEET DATA
Total assets	$	265,057		$	268,095		$	288,244		$	268,339		$	287,247
Total interest-earning assets		251,139			253,427			270,777			253,946			271,097
Total loans		134,851			133,394			131,827			134,013			132,301
Total interest-bearing deposits		133,577			135,147			151,571			137,042			150,006
Total interest-bearing liabilities		142,883			144,411			160,697			146,304			159,086
Total deposits		170,589			172,526			185,453			172,556			182,816
Total shareholders' equity		84,021			85,421			92,956			85,585			94,596

SELECTED RATIOS
Return on average assets		0.25	%		0.06	%		0.19	%		0.14	%		0.00	%
Return on average equity		0.80			0.18			0.58			0.44			0.01
Efficiency ratio		91.34			98.73			98.44			95.55			106.58
Net interest margin^(TE)^		3.13			3.02			2.75			3.08			2.68
Average equity to average assets		31.70			31.86			32.25			31.89			32.93
Common equity Tier 1 capital ratio^(1)^		54.97			56.02			57.84
Tier 1 leverage capital ratio^(1)^		31.08			30.64			28.29
Total risk-based capital ratio^(1)^		56.23			57.27			59.09

(1)	Capital ratios are preliminary end-of-period ratios for the Bank only and are subject to change.


CATALYST BANCORP, INC. AND SUBSIDIARY
SELECTED FINANCIAL DATA
(continued)

	Three Months Ended									Nine Months Ended
(Dollars in thousands)	9/30/2023			6/30/2023			9/30/2022			9/30/2023		9/30/2022
ALLOWANCE FOR CREDIT LOSSES
Allowance for loan losses:
Beginning balance	$	2,081		$	2,070		$	1,980		$	1,807	$	2,276
CECL adoption impact		-			-			-			209		-
Provision for (reversal of) loan losses		(62)			(2)			(115)			(64)		(375)
Charge-offs		(9)			(10)			(90)			(26)		(191)
Recoveries		26			23			29			110		94
Net (charge-offs) recoveries		17			13			(61)			84		(97)
Ending balance	$	2,036		$	2,081		$	1,804		$	2,036	$	1,804

Allowance for unfunded commitments:
Beginning balance		218			216			-			-		-
CECL adoption impact		-			-			-			216		-
Provision for losses on unfunded commitments		62			2			-			64		-
Ending balance	$	280		$	218		$	-		$	280	$	-

Total allowance for credit losses, end of period	$	2,316		$	2,299		$	1,804		$	2,316	$	1,804
Total provision for (reversal of) credit losses		-			-			(115)			-		(375)

CREDIT QUALITY^(1)^
Non-accruing loans	$	1,961		$	1,629		$	1,221
Accruing loans 90 days or more past due		127			260			379
Total non-performing loans		2,088			1,889			1,600
Foreclosed assets		37			296			320
Total non-performing assets	$	2,125		$	2,185		$	1,920

Total non-performing loans to total loans		1.54	%		1.42	%		1.21	%
Total non-performing assets to total assets		0.82			0.82			0.68

(1)	Credit quality data and ratios are as of the end of each period presented.